KS | Kansas Commissioner Vicki Schmidt, today, released guidance to insurance companies on how the reduced surplus lines tax rate will be implemented after the 2023 legislature passed a law lowering the surplus lines tax rate from 6% to 3% for tax years 2024 and after.
The new rate of 3% will apply to policies effective on or after January 1, 2024, and to any endorsements to those policies. All new and renewal policies effective prior to January 1, 2024, and any subsequent endorsements on those policies will still be taxed at the original rate of 6%.
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